Bitcoin Plunges to $34,889 Per Coin Following China Ban, Tesla Rejection and Binance Investigation

Bitcoin, the world’s most dominant cryptocurrency, plunged by 18 percent to $34,889.62 per coin on Wednesday following the decision of the Chinese government to ban banks and other financial institutions from facilitating cryptocurrency payments.

This was after Elon Musk announced that Tesla Inc has stopped accepting bitcoin for payment of its vehicle due to the rising use of fossil fuels in Bitcoin mining and transactions.

Also, Bloomberg report that Binance is being investigated by the U.S Internal Revenue Service and the Department of Justice for possible money laundering and tax offenses weighed on the entire crypto market and plunged it into the red zone.

Binance is the world’s largest cryptocurrency exchange platform.

A spokesperson for Binance said, “We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity.”

“We have a strong track record of assisting law enforcement agencies around the world, including in the United States.”

Bitcoin plunged from $64,829.14 per coin on April 16, 2021 to $34,889.62 per coin on Wednesday as selloff grew across the board.